Blockchain payments provider BitPay is now taking its service into bricks-and-mortar stores.
Through a new partnership announced Tuesday, the firm will be offering cryptocurrency payments at merchantsâ point-of-sale (POS) terminals.
The effort comes via BitPayâs new tie-up with open commerce platform Poynt, which the announcement says already has a network of POS devices online at over 100,000 retailers globally.
âItâs a massive growth opportunity for BitPay,â said BitPay CEO and co-founder Stephen Pair, âand an important milestone in our now-nine-year mission to make payments faster, more secure and less expensive for people and businesses.â
Poynt offers both the hardware and software for its âsmartâ POS terminal, which can also run third-party apps. The firm said in the announcement it recently passed $9 billion in gross payment volume over a 12-month period.
âPoynt was built on the idea of open commerce,â said Osama Bedier, the firmâs founder and CEO. âThe addition of open-source, decentralized currencies like bitcoin is a natural fit in our open-commerce environment.â
Last month, Bitpay added support for the XRP cryptocurrency in its wallet app after working with Rippleâs developer arm, Xpring. The crypto payments firm has said it processed over $1 billion in transactions every year from 2017 to 2019.